XXI Stock Traded at 57 Cents on the Dollar of Held Bitcoin

Twenty One Capital Stock's new CEO Rapha Zagury has admitted that his company's market value is less than its Bitcoin holdings. In a recent shareholder letter, Zagury acknowledged that XXI trades at about 57 cents for every dollar of Bitcoin it owns, with the entire company valued at around $1.6 billion and holding 43,514 BTC worth approximately $2.8 billion.

The decline in value is largely due to the drop in Bitcoin's price from $87,316 at the start of 2026 to $58,605 by June 30, which erased $401.5 million in the second quarter alone and pushed the half-year deficit to $1.27 billion.

Zagury plans to address this issue by implementing a strategy similar to Warren Buffett's Berkshire Hathaway model, focusing on building a strong balance sheet and generating cash flow through operating businesses, capital-markets tools, mergers and acquisitions, and low-leverage lending backed by Bitcoin.